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Bitcoin Price Prediction: Surges to $68,500 Amid Biden’s Exit and Trump’s Pro-Crypto Stance

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated:

July 22, 2024

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Bitcoin (BTC), the world’s most valuable cryptocurrency, began this week on a bullish note, trading around $67,500 and reaching an intra-day high of $68,418.

The surge is linked to President Joe Biden’s announcement that he will not seek reelection, increasing the chances of pro-crypto candidate Donald Trump winning the election.

This development has positively impacted the Bitcoin price prediction, with the market viewing Trump’s potential return as favorable for the crypto industry.

Bitcoin Price Volatility Amid Biden’s Reelection Decision

Bitcoin’s price fell sharply from $67,450 to $65,880 on Sunday after President Joe Biden unexpectedly announced he would not seek reelection in 2024. This news triggered a sell-off among traders, causing a swift decline in major cryptocurrencies, including Ethereum and Solana.

President Biden’s abrupt decision to end his reelection campaign has sent shock waves through the political world. We’re following these extraordinary developments in the United States live from DC @SkyNews #Biden pic.twitter.com/1k7Yw2aEhX

— Yalda Hakim (@SkyYaldaHakim) July 22, 2024

However, the market quickly rebounded when Biden endorsed Vice President Kamala Harris as the Democratic candidate. Bitcoin surged back up to $68,420, while Solana neared $185. This sudden shift resulted in $159 million in liquidations, with Bitcoin alone accounting for $46 million in losses.

Bitcoin fell to $65,880 after Biden’s announcement
Rebounded to $68,420 following Harris endorsement
$159 million in total liquidations, $46 million from Bitcoin

Bitcoin Surges Past $68,000 Amid Strong ETF Performance and Reduced Supply

Bitcoin surged above $68,000, driven by strong performance from U.S. Bitcoin ETFs, which saw record inflows exceeding $17 billion, boosting investor confidence.

The rally was further bolstered by the conclusion of major sales, such as the German government’s sale of 50,000 BTC, easing market supply pressures.

Additionally, the anticipated launch of Ethereum ETFs and President Biden’s decision not to seek reelection contributed to the upward momentum.

However, potential repayments from the Mt. Gox exchange could still impact Bitcoin’s price in the short term.

Bitcoin ETFs in the U.S. attracted over $17 billion
German government sale of 50,000 BTC concluded
Mt. Gox repayments might affect short-term prices

Musk’s Laser Eyes and Trump Rumors Boost Bitcoin Anticipation Before Conference

Tesla CEO Elon Musk recently updated his X (formerly Twitter) profile picture to feature “laser eyes,” a symbol of bullish Bitcoin sentiment.

This change precedes the Bitcoin 2024 conference in Nashville, where Donald Trump is expected to speak. Rumors suggest Trump might support Bitcoin as a reserve asset if elected, with speculation about a possible U.S. Bitcoin strategic reserve announcement.

Laser Eyes are back in style. #Bitcoin pic.twitter.com/FZBztnkVhf

— Michael Saylor⚡️ (@saylor) July 21, 2024

The conference organizer hinted at significant news, and experts like Michael Saylor and Scott Melker believe Musk’s profile update could signal important developments for Bitcoin.

Consequently, Musk’s profile change and the upcoming conference may drive Bitcoin’s price higher due to increased investor speculation and potential major announcements.

Musk’s “laser eyes” profile picture signals bullish sentiment
Trump might support Bitcoin as a reserve asset
Speculation about a U.S. Bitcoin strategic reserve announcement

Bitcoin Price Prediction

Bitcoin (BTC/USD) is trading at $67,410, down nearly 1%. On the 4-hour chart, the pivot point is set at $66,660, a crucial level for traders. Immediate resistance is observed at $68,420, followed by $69,250 and $70,090.

On the downside, immediate support is at $65,880, with further support at $65,120 and $64,300.

Technical indicators suggest mixed signals. The RSI stands at 55, indicating a neutral stance, while the 50-day EMA at $66,250 supports a buying trend above the $66,000 mark.

The upward trendline is also providing support near $66,660, suggesting bullish momentum if this level holds.

Bitcoin Price Prediction - Source: Tradingview — Bitcoin Price Prediction – Source: Tradingview

In conclusion, Bitcoin’s outlook remains bullish above $66,660, but a break below this pivot point could trigger a sharp selling trend.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.